Results are better than expectations

Results are better than expectations

the metrics are much better than Consensus
( broker GS commentary)
EBITDA of A$1,146mn was +8%/+15% vs. GSe/Consensus.
Underlying NPAT of US$553mn was +14%/+18%. Beat on our numbers appears
to be largely driven by net US$86mn of non-cash fair value adjustments on the
FDN finance facilities, hedges/receivables, and FX. Treatment of the FDN finance
facilities also resulted in differences to our forecasts particularly on net interest.
Interim dividend of US15.0cps was well ahead of GSe and Visible Alpha
consensus, and represented 28% of 1H FCF (policy of 30-60% of FCF over the
full year). We had assumed 25% of 1H, on a lower FCF number; a favourable
working cap draw benefited FCF in the half. Net debt of US$330mn (inc.
leases) was also better than our expectations and consensus